LendingClub shares surge 14% after first-quarter profit and revenue beat expectations
Updated
Updated · MarketWatch · Apr 27
LendingClub shares surge 14% after first-quarter profit and revenue beat expectations
16 articles · Updated · MarketWatch · Apr 27
Shares rose to $19.60 in after-hours trading as LendingClub posted Q1 profit of $51.6 million and revenue of $252.3 million, both surpassing analyst forecasts.
Loan originations jumped 31% to $2.7 billion, while provision for credit losses dropped sharply to $400,000. Deposits increased 14% to $10.2 billion.
The company projects Q2 earnings between 40 and 45 cents per share and full-year earnings of $1.65 to $1.80 per share, with continued growth in loan originations expected.
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